Tower Records stores spin into bankruptcy
The parent company of Tower Records, inventor of the music megastore and one of the nation's largest music and video retailers, filed for Chapter 11 bankruptcy Monday.
Tower stores will stay open, but the filing is expected to help clear the way for the sale of the 93-store chain, which suffered from the exploding popularity of free music on the Internet and competition from deep discounters such as Wal-Mart.
MTS decided nearly a year ago to sell Tower. A filing last April with the Securities and Exchange Commission revealed that Tower had lost money for 13 straight quarters.
Retail
KU graduate to take chair position at Kroger
David Dillon, a 1973 Kansas University graduate, will become chairman of the board for the Kroger Co. in June, the grocery giant announced Monday.
Dillon, who currently is the company's chief executive, will replace Joseph Pichler, who plans to retire from the company in June.
Pichler taught at KU for 15 years and served as dean of the business school from 1974 to 1980.
Cincinnati-based Kroger operates Dillons, which has four stores in Lawrence.
Electronics
Topeka Circuit City slated for closure
Consumer-electronics chain Circuit City Stores Inc. on Monday said it planned to close 19 stores by the end of the month as it struggled with falling sales.
Among the 19 stores that closed Monday was a Topeka store along Wanamaker Road.
All 19 will reopen today for a close-out sale, Richmond, Va.-based Circuit City said. The stores will be closed permanently Feb. 23.
Liberty, Mo.
Ferrellgas strikes deal
Ferrellgas Partners LP, a leading retail seller of propane, said Monday it agreed to acquire Blue Rhino Corp., which fills propane tanks, for $340 million.
Blue Rhino, of Winston-Salem, N.C., has more than 29,000 locations at home-improvement centers, hardware, grocery and convenience stores where customers can exchange empty propane tanks for filled ones.
Liberty, Mo.-based Ferrellgas has 593 retail outlets, serving residential, industrial and agricultural customers. It said the purchase of Blue Rhino would enable it to combine its own strong winter sales with Blue Rhino's strength in the summer and fall grilling season.
Wall Street
Westar declares dividend
Topeka-based Westar Energy Inc. said it would pay a first-quarter dividend of 19 cents per share. The dividend is payable April 1 to shareholders of record on March 9.
No comments
Commenting is turned off for this story.